The champions’ vision is to play Kaka off new £50m signing Fernando Torres next season as Ancelotti, who took the Brazilian to Milan from Sao Paulo for £7.2m in 2003, looks to reinvigorate his ageing squad.

Chelsea believe his struggle with a long-term knee injury under Jose Mourinho’s regime at the Bernabeu this season means he can be captured for a relatively knock-down fee of £25m.

The wizard of dribble: Should Chelsea succeed in their bid, Kaka will play behind Fernando Torres

The former World Player of the Year left Milan for Madrid for £56m in June 2009, five months after Manchester City had tried to sign him in a deal worth more than £100m.

Abramovich gave the green light to a £75m spending spree last week with the capture of Torres from Liverpool and Brazil defender David Luiz from Benfica.

Old pals' act: Carlo Ancelotti (left) remains a massive admirer of the Brazilian following their all-conquering years at AC Milan

Further evidence of the Chelsea owner’s renewed financial commitment to the club came this week when Bayern Munich striker Mario Gomez claimed he had been the subject of a £35.7m bid from Stamford Bridge, before Torres’s capture was completed.

Defender Branislav Ivanovic has added to the feel-good factor in west London by signing a contractextension through to 2016.